No IPO here.

A group of Swedish university students that raised 1.2 million euros ($1.3 million) in crowdfunding for their startup to build electric cars has caught the attention of German industrial heavyweight Siemens.

The two sides said Wednesday that they were starting a partnership that will see them create 50,000 lightweight city cars annually starting next year.

The twin-seat vehicles, called L7e, have 15kW engines with a maximum speed of 130 kilometers (81 miles) per hour. They weigh 400 kilograms (880 pounds) each and have a 150 kilometer (93 miles) range.

The cars are made from sustainable composite materials and will be unveiled in late 2017, with first deliveries scheduled for early 2019. The first high-end vehicle has a target price of 200,000 kronor ($22,285)—the price for an electric Smart Car in Sweden is at least 210,000 kronor ($23,400).

Read more at: https://phys.org/news/2017-03-swedish-student-startup-electric-cars.html#jCp